Credit Score Dropping! Why?

Grumpy_Shunter

I have a Vanquis card that I pay off in full each month
I have cleared up all of my credit files
I haven't applied for credit for 8 months (Vanquis Card)
I have no debt
I'm on the electoral role
There have been no searches on my credit suitability for 8 months(Vanquis)
My current account and savings account is all fine.
All bills are paid without fail each month

I'm at a loss as to why my score keeps dropping. Initially, it was increasing at a nice steady pace each month, but the last 5 months it's dropping like a stone!!

Any ideas folks?

Many muchly you thanks.;)

Hutch100uk

Which report are you checking? Experian usually indicate what is causing drops in your score in red alerts.

Maybe you don;t have enough credit - sometimes that's a problem.

Johnnytwostep

Grumpy_Shunter wrote: »

I have a Vanquis card that I pay off in full each month
I have cleared up all of my credit files
I haven't applied for credit for 8 months (Vanquis Card)
I have no debt
I'm on the electoral role
There have been no searches on my credit suitability for 8 months(Vanquis)
My current account and savings account is all fine.
All bills are paid without fail each month

I'm at a loss as to why my score keeps dropping. Initially, it was increasing at a nice steady pace each month, but the last 5 months it's dropping like a stone!!

Any ideas folks?

Many muchly you thanks.;)

because it is a wednesday, credit scores always drop on wednesdays. They go up on a friday. also becuase it is getting colder, they drop when it is colder, and go up in the summer.

MEM62

You are falling for the classic sales pitch that tries to convince you that you 'credit score' means something. It is a randomly generated number that means squat! It is created to encourage to you sign up for the subscription services offered by the CRA's.

Think about it, it's a great business model. A number is randomly generated for you each month and you pay them a subscription fee to watch this randomly generated number go up and down. It's brilliant!!

Grumpy_Shunter

MEM62 wrote: »

You are falling for the classic sales pitch that tries to convince you that you 'credit score' means something. It is a randomly generated number that means squat! It is created to encourage to you sign up for the subscription services offered by the CRA's.

Think about it, it's a great business model. A number is randomly generated for you each month and you pay them a subscription fee to watch this randomly generated number go up and down. It's brilliant!!

I've fallen for nothing. I use Clear Score and Noddel. I don't particularly care about my credit score, because as you say, if you don't need credit your credit score means nothing. That's where I'm at.

I was just curious as to why it has decreased steadily over the last few months. maybe it's because what has been said earlier, i.e I didn't have enough credit? Who knows!

Most curious. Anyway. Thanks everyone for their advice.

Grumps.

Dobbibill

Hi Grumpy Shunter,

When you check Clearscore, if you click on 'report' it will tell you if it believes you have any negative factors. This could explain things to you.

I'm glad you're not paying for it, there's no need with the likes of Clearscore and Noddle.

If there is nothing untoward on your history then I wouldn't worry too much and just let time do it's job.

Grumpy_Shunter

Dobbibill wrote: »

Hi Grumpy Shunter,

When you check Clearscore, if you click on 'report' it will tell you if it believes you have any negative factors. This could explain things to you.

I'm glad you're not paying for it, there's no need with the likes of Clearscore and Noddle.

If there is nothing untoward on your history then I wouldn't worry too much and just let time do it's job.

Thank you, Dobbi. I will go and check that right now.

d70cw6

Wait: your credit score is dropping. bombs are dropping over Syria.

Coincidence?!

Ebe_Scrooge

Grumpy_Shunter wrote: »

I've fallen for nothing. I use Clear Score and Noddel. I don't particularly care about my credit score, because as you say, if you don't need credit your credit score means nothing. That's where I'm at.

I was just curious as to why it has decreased steadily over the last few months. maybe it's because what has been said earlier, i.e I didn't have enough credit? Who knows!

Most curious. Anyway. Thanks everyone for their advice.

Grumps.

The reason your score has fallen is because there's a risk of snow next week.

Seriously, your score means diddly-squat. Any potential lender will look at your credit history, and - in conjunction with your income, existing debt and the amount you're looking to borrow - make a decision based upon that. They can't even see your fictitious "score". All they're interested in is that you're not borrowing beyond your means, and they have a decent chance of you repaying what you owe. So a record of paying debts on time - whether that be credit cards, overdraft, mobile phone bills, gas bills, whatever - together with an overall level of debt that can be reasonably serviced by your income, will increase the chances of them lending to you at a sensible rate of interest.

Tink_00

Hi there Ebe Scrooge,

I was just reading through this thread and was interested in your response about the credit score meaning squat and lenders looking at your credit history instead- mine is good- but my bank account application was just declined because of a legitimate customer dispute with 3 Mobile in 2010 over a £28 bill! Can you explain how I get HSBC (with whom I have an existing business bank account which is thousands in credit and which has repaid a business loan with interest over the last 5 years and with whom I banked personally for 17 years with credit balances and without ever doing anything wrong) to look at my credit history instead of dismissing me based on this credit score, which reflects my 1 adverse piece of information in the form of this legitimate dispute that 3 Mobile will not remove? Many thanks for your advice in advance.
Tink

[Deleted User]

Tink_00 wrote: »

Can you explain how I get HSBC (with whom I have an existing business bank account which is thousands in credit and which has repaid a business loan with interest over the last 5 years and with whom I banked personally for 17 years with credit balances and without ever doing anything wrong) to look at my credit history instead of dismissing me based on this credit score,

They DO only look at your credit history. They do not see the score.